7Foreign Exchange Bonds not to be taken into account in certain cases

Without prejudice to the generality of the provisions of section 6,--

(a) the provisions of the Income-tax Act, 1961 (43 of 1961) shall not apply to any interest accruing in relation to the Foreign Exchange Bonds;

(b) the provisions of the Wealth-tax Act, 1957 (27 of 1957) shall not apply in relation to the Foreign Exchange Bonds;

(c) the provisions of the Gift-tax Act, 1958 (18 of 1958) shall not apply where any non-resident Indian becomes a resident in India and makes a gift of the Foreign Exchange Bonds.